U.S. core producer prices rose at their fastest pace in six months in July, pushed up by higher tobacco and light truck costs, according to a government report on Wednesday that could stoke inflation fears.
The Labor Department said its seasonally adjusted index for prices paid at the farm and factory gate, excluding food and energy, rose 0.4 percent—the largest increase since January—after rising 0.3 percent in June.
That compared with economists’ expectations for a 0.2 percent rise.
Overall prices received by producers rose 0.2 percent after falling 0.4 percent in June, above economists’ expectations for a 0.1 percent gain.
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